TURN­AROUND

Re­mem­ber back when the di­ver­si­fied min­ers had his­toric p:e ra­tios in the 7 to 8 range and seemed cheap? Then fall­ing earn­ings put an end to that. Exxaro again showed us the other side of a low p:e, it was on around 7 times but de­creased earn­ings now puts it on al­most a 12 times p:e. In short, the large-cap mar­ket is sel­dom wrong. si­monb@fin­week.co.za